Whereas, by Ordinance No. O90-112, the Metropolitan Council allocated in equal proportions payments received in connection with the Capitol Mall Urban Development Action Grant (UDAG) to two activities, affordable housing and economic development, all to be of direct benefit to the residents of the UDAG Pocket of Poverty in accordance with federal regulations; and

Whereas, the Metropolitan Development and Housing Agency is applying to the U. S. Department of Housing and Urban Development for $20 million in HOPE VI funds to carry out an affordable housing initiative at the Sam Levy Homes housing development; and

Whereas, the commitment of UDAG repayment funds and other public and private funds as leverage for the HOPE VI funds is critical to the competitive success of the application; and

Whereas, the demand for funds from the affordable housing portion of the UDAG repayments has exceeded those for economic development; and

Whereas the federally funded HOPE VI program meets the requirements of the UDAG Pocket of Poverty definitions and would substantially multiply the impact of the UDAG funds working alone;

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

SECTION 1. That $2,000,000 in Urban Development Action Grant repayments be redirected from economic development activities to affordable housing activities and that the same amount be allocated to the Metropolitan Development and Housing Agency to be utilized for the Sam Levy HOPE VI affordable housing program.

SECTION 2. That enactment of this ordinance shall in no way change or alter the equal prorations of future UDAG repayments to economic development activities and affordable housing activities.

SECTION 3. That this ordinance shall take effect from and after its passage, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Ludye Wallace, Lawrence Hall, Jr., Eileen Beehan, David Briley

LEGISLATIVE HISTORY
Introduced:	October 1, 2002
Passed First Reading:	October 1, 2002
Referred to:	Federal Grants Review Committee
Passed Second Reading:	October 15, 2002
Passed Third Reading:	November 19, 2002
Approved:	November 20, 2002
By: